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Category > Business & Finance Posted 08 Dec 2017 My Price 10.00

calculating the Cost of Goods amounts

Exercise 8-9

Ayayai Company sells one product. Presented below is information for January for Ayayai Company.

 

Jan. 1 Inventory 116 units at $4 each

 

4. Sale 94 units at $8 each

 

11. Purchase 154 units at $6 each

 

13S. Sale124units at $9 each

 

20. Purchase  169units at $6 each

 

27.Sale 105 units at $11 each

 

Ayayai uses the FIFO cost flow assumption. All purchases and sales are on account.

Assume Ayayai uses a perpetual system. Prepare all necessary journal entries.

 

 

Date Account Titles and Explanation Debit Credit
 Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31EAT_1450672803276_1_0918260601535534

Accounts Receivable		 752  
 

Sales Revenue		   752
  (To record the sale)    
 

Cost of Goods Sold		 376  
 

Inventory		   376
  (To record the cost of inventory)    
 Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31EAT_1450672803276_1_8845434035140174

Inventory		 924  
 

Accounts Payable		   924
 Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31EAT_1450672803276_1_5262747517666915

Accounts Receivable		 1116  
 

Sales Revenue		   1116
  (To record the sale)    
 

Cost of Goods Sold		 724  
 

Inventory		   724
  (To record the cost of inventory)    
 Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31EAT_1450672803276_1_4192703843049568

Inventory		 1014  
 

Accounts Payable		   1014
 Jan. 1Jan. 4Jan. 11Jan. 13Jan. 20Jan. 27Jan. 31EAT_1450672803276_1_329556947362932

Accounts Receivable		 1155  
 

Sales Revenue		   1155
  (To record the sale)    
 

Cost of Goods Sold		 660  
 

Inventory		   660

 

 

Can you please explain how they are calculating the Cost of Goods amounts for the 13th and 27th?

Answers

CourseLover
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Status NEW Posted 08 Dec 2017 06:12 AM My Price 10.00

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